Save Money with New Roof Discount on Homeowners Insurance for McKinney Residents

Save Money with New Roof Discount on Homeowners Insurance for McKinney Residents

Did you repair the roof of your home after the hail storm this April? Or did you need to get a new roof after damage from the baseball sized hail that hit McKinney in April of 2017? Homeowners with new roofs in the McKinney area are eligible for up to 40% off their homeowners insurance premiums. The new roof discount is available for single-family homes.

Newer roofs bring the biggest savings but – depending on your coverage – we’ve seen discounts given on roof replacements done as far back as 7 years ago. For additional discounts, look at bundling your home and auto insurance. You can receive even higher savings on your insurance premiums when you have multiple policies with one insurance carrier.

If you’ve replaced your roof, make sure you talk to your insurance agent. You should also mention other home repairs and changes that you have made to your home. Repairs and upgrades can save you big money on your insurance, and your agent needs to make sure your property is covered appropriately.

Why Is the Roof So Important to Home Insurance Rates?

When setting your rates, insurance companies look at a number of factors. An individual’s insurance score, claims history, the type of home, and age of the roof all weigh in on how much you’ll pay for insurance coverage. New homes and houses with new roofs can withstand hail and wind damage better than old ones. Ultimately less leaks means less claims on your insurance, and less risk means better home insurance rates!

Typically, your insurance will cover most damage to your roof including wind, rain, hail, vandalism, falling objects, fire, hurricanes, and tornadoes. But the age and condition of your roof do impact the coverage. An old roof with existing damage can limit the protection you can receive from your home insurance policy.

How to Save Money on Your Insurance in McKinney with a New Roof Discount

Your roof is vital to your home’s structural integrity, your family, and your possessions. A new roof also lowers the risk for insurance carriers to provide coverage. But not all roof repairs and replacements are created equal. You’ll want to get clarity on what constitutes a “new roof” from your local insurance agent.

This is Texas, and it’s possible your cousin’s cousin has been working in roofing for 3 years. But the patch he did to the north side of the roof in May 2016 probably won’t get you the new roof discount. A professionally and properly installed, well-maintained roof with climate-appropriate materials will decrease the likelihood of you filing future claims. Professionally installed roofs win you big discounts on your homeowners insurance premiums.

4 Steps to Getting a New Roof Discount

  1. Use roofing material for your type of home and the region you live in.
  2. Hire a certified professional roofer. NOTE: If you file a claim, your insurance company will send a professional inspector. He will assess the state of your roof, home and any belongings reported as damaged. Signs of inadequate roof construction or maintenance could lead to your claim being denied. Most policies have exclusions regarding faulty roof installation and improper maintenance.
  3. Maintain your new roof by removing branches and leaves. Clean the gutters and get the roof inspected every couple of years to check for broken shingles, pests, and damage.
  4. Keep your receipts, contracts, and inspection paperwork and take photos of any work you have done on your roof. You need to have detailed records in the event you make a claim.

The new roof discount applies to single-family homes, but can be applied to rentals, vacant homes, condos, and townhomes. Contact your insurance agent to get a handle on what your policy covers, and understand how a claim will be processed. Your agent can also explain the requirements, exclusions, and pricing for protecting the most important things and people in your life.

Talk to Your McKinney Homeowners Insurance Agent Today and Save

Different insurance companies have their own policy requirements and exclusions. Speak with your agent today to see if you qualify for significant savings with the new roof discount. And be sure to ask about other discounts for home repairs. Bringing electrical, plumbing, and HVAC up to code on older homes helps lower your insurance rate.

If you are dissatisfied with your current insurer’s coverage and pricing, be sure to chat with a local insurance agent about your options. You’ll find that pricing can vary considerably for the same coverage, in the same area, from one insurance company to another. Paine Insurance Group is dedicated to being the best insurance agency in McKinney.

The Right Policy, The Right Price, The Right Time

There is no “one size fits all” when it comes to protecting your family, and we spend the extra time to tailor plans specific for your needs. Our agents focus on follow-up and follow-through to protect the things and people that matter most to you. We would love to answer any questions you have about insurance coverage and options in McKinney. Call Paine Insurance Group today at 972-387-9217 or visit us Monday through Friday. We are located at 3400 Eldorado Parkway, Suite 4, McKinney, TX 75070.

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McKinney, TX 75070

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8 Things You Should Do When Purchasing A New Home

8 Things You Should Do When Purchasing A New Home

Purchasing a new home is an exciting time for your family. Whether it’s your first time buying a new house, upgrading, downsizing, or relocating, you should take these 8 things into consideration.

1. Prepare financially and emotionally.
Money in the bank and a decent credit score are the obvious must haves when you’re preparing to buy a new house, but are you emotionally ready? Finding your dream home in the perfect neighborhood is so exciting, but the process of getting under contract and closing can be a nightmare if you don’t have the right team in place.

2. Find the right team.
If you’re purchasing a new house in McKinney, then you might not look for an agent who specializes in the Forney market. The Forney agent is probably great at her job. However, you’re going to get more value from the McKinney agent who is familiar with the market, neighborhoods, schools, and local businesses. A great real estate agent will guide you to the areas that fit your family’s want and needs.

Interview multiple realtors and ask them about their relationships with residential mortgage lenders, home appraisers, home inspectors, home insurance agents, and title officers. Securing a winning team dedicated to getting you the best rates will take the emotional stress out of your home purchase excitement.

3. Nail down your home requirements for your realtor.
You and your family should be on the same page when you’re actively buying a new home. Realtors can show you houses all day long; but if what you’re looking at doesn’t suit your needs, then you’re wasting time. Make a list of needs and wants to simplify your new home purchase process. This list will help determine if a home is the right fit for you.

4. Finding the right fit.
Do you have a young family with elementary age kids? You’ll likely stay in your home for several years and possibly grow your family. If you have teenagers heading to college, then you might stay in your home for a few years and downsize when they leave the nest. Both scenarios require your home purchase team to evaluate your home size and value projections.

Do you commute? Your new home’s location may be close to Sam Rayburn Tollway or North Dallas Tollway. You’ll be able to narrow down communities and neighborhoods pretty quick.

What type of house feels like home for you and your family? The style, age, and condition of the house will give these answers. Home upgrades are a great perk, but you can always tackle that project to add personal touches after closing.

While these questions seem easy to answer, they describe how your new home search should start.

5. Look at the home’s history.
Once you’ve found your dream home, it’s time to look at the nitty gritty. This is where your home purchase dream team should take over. Your realtor, home inspector, appraiser, lender, insurance agent, and title officer will find all the details from when the slab was poured. You should be aware of any claims and repairs made on the home. It’s important to double check that all previous or damages and conducive conditions are evaluated. You need to know what to expect. The homeowners insurance policy won’t pass through underwriting without documentation of repairs for all claims. The bank won’t back the property if it’s in bad condition or has extensive damages. If anything less than stellar pops up, your team will work out the details and make sure moving forward is in your best interest.

6. Get ready to close.
The team’s busy working behind the scenes, and probably asking you for everything other than a blood and hair sample. Unless you’re also getting a new life insurance policy, in which case you’ll probably give a blood sample too. The loan officer will get the signed purchase offer, home inspections, origination and underwriting, appraisal, title and homeowners insurance, loan approval, and closing notice and disclosures.

7. The final walk-through.
Your final walk-through is just as important as your first walk-through. Confirm that all repairs have been made and all electrical components are working. You will look at the HVAC, water heater, plumbing, and appliances. If there are any new damages or other unexpected problems, then you still have time to ask the seller for an explanation to make it right.

8. The keys are yours.
At closing, you will sign your life away on more documents you can count. The documents are to protect you and the bank, as well as outline your obligations. Amongst many disclosures, you will sign the initial escrow disclosure that describes the amount of each escrow item including property taxes, homeowners insurance, PMI, and HOA dues.

Congratulations, you made it through your home purchase! Hopefully your real estate agent, loan officer, title officer, and insurance agent team has made the process enjoyable and painless.

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McKinney, TX 75070

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Homeowners Insurance Facts

 

 

 

You may be surprised to learn that not all homeowner’s insurance policies are the same, especially in Texas. Let’s take a look at the coverage questions we get asked most often regarding homeowners insurance policies. Following this guide will help you make informed decisions during the insurance buying process and guarantee that you are getting the best homeowners insurance policy for your money.

When someone calls us for a quote on home insurance, we normally start by looking at their current coverage limits.

Coverage limits are things like:

Coverage A/Dwelling – Provides coverage for your home.

Coverage B/Other Structures – Covers any other structures on your property. This coverage is most often an automatic 10% of coverage A. Be sure to let your agent know if you have any other structures that exceed the limit that is included in the policy.

Coverage C/Personal Property Coverage – Provides coverage for your personal belongings such as your furniture, clothes, and electronics. Always let your agent know if you have things like fine art, jewelry or firearms. Coverage for these things is often limited under Coverage C, your agent will most likely suggest that you cover them on a separate insurance policy or schedule them.

Coverage D/Loss of Use – Covers additional living expenses that you may incur should your home become uninhabitable from a covered loss.

The coverage limits listed above are built into every policy. Don’t assume that just because the coverage limits match that you are getting a quote for the same type of policy that you currently have. Below is a list of questions you should ask any agent about the policy they are quoting you. You may also want to verify that your current policy covers these things.

Is this policy a replacement cost policy? Replacement cost coverage pays what it would cost to rebuild your home should anything happen. You also want to verify that the personal property coverage is also replacement cost.

Does this policy cover replacement cost on my roof? Texas is notorious for wind and hail storms. A lot of companies have started putting limitations on roof exposures by reducing the coverage for your roof to actual cash value. Make sure the roof is also covered for replacement cost.

Is water damage covered? Some policies exclude water damage coverage or they may only offer $5,000 coverage for water damage. You want to confirm that your policy covers 100% of the dwelling limit for sudden and accidental discharge of water. Sudden and Accidental water damage would be things like a toilet overflow or pipe bursting. In addition to sudden and accidental discharge of water you want to ask if they offer coverage for repeated leakage and seepage of water. This would provide coverage for leaks that happen over an extended period of time but have gone undetected. Repeated leakage and seepage of water is often added by endorsement. It is worth the extra cost to buy water damage coverage.

What about damage to the foundation caused by water? This coverage is most often added by endorsement. You want to purchase this endorsement! Adding this coverage to your policy would provide coverage for damage to your foundation caused by a covered water leak.

What is my deductible? The industry standard is a 1% deductible. You want to make sure that your deductible is 1%. Some companies may try to sneak a 2% wind and hail deductible on the policy and that can be a lot of money to come up with when something unexpected happens.

What is my liability limit? Always make sure your homeowners liability limit is at least $300,000. You can usually increase this to $500,000 for only a few dollars more per a year.

What about Medical Payments to others? You can normally increase this from $1000 to $5000 for only a few dollars a year.

Asking these questions will help you verify that the homeowner’s insurance policy you are buying keeps you protected in al the different types of scary scenarios.

Contact us today to discover what may be missing from your current policy!

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